On June 29, 2023, FinCEN issued a press release to inform U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards to combat money laundering, counter the financing of terrorism, and combat weapons of mass destruction proliferation financing (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices.
Remaining on the list are Albania, Barbados, Burkina Faso, Cayman Islands, Democratic Republic of the Congo, Gibraltar, Haiti, Jamaica, Jordan, Mali, Mozambique, Nigeria, Panama, Philippines, Senegal, South Africa, South Sudan, Syria, Tanzania, Turkey, Uganda, United Arab Emirates, and Yemen. No jurisdictions were removed from the list while Cameroon, Croatia, and Vietnam were added to the list. Iran and Democratic People’s Republic of Korea remain as High-Risk Jurisdictions. Myanmar (Burma) remains on the list of High-Risk Jurisdictions Subject to a Call for Action and called for enhanced due diligence, not countermeasures.
The FinCEN release can be found here.